RBA cash rate increase May 2022: What increase is your lender passing on?

by | May 4, 2022

The RBA made decision to increase the cash rate by 0.25% in their May 3rd meeting. This is the first increase since November 2010.

The cash rate will increase from 0.25% to 0.35%. It is anticipated that most lenders will increase their variable rate by at least the 25 basis points. Whilst some lenders were quick to pass on their intentions immediately, many will communicate their increase over the next few days.

To assist we have compiled an update of the lenders that we use and what the changes are, we will update these as we receive their communications.

If your lender is not on the list then please let us know and we will try and find out for you. 

What will a 0.25% increase do to my repayments?

For a variable home loan of $450,000 with 25 years remaining the 0.25% increase will add an additional $56 per month to your repayments. Monthly repayments on a $450,000 home loan balance (25 years remaining) with a rate of 2.24% are $1,961, increasing rate to 2.49%, the payments will be $2,017. 

You can try our our online comparison calculator to see how much the increase adds to your repayments:

Lender changes

86 400  Pending
AMP0.25% increase effective 16th May
ANZ0.25% increase effective 13th May
Australian Military Bank 0.25% increase effective 20th May
Bank of ChinaPending
Bank of Queensland 0.25% increase effective 13th May
Bankwest0.25% increase effective 18th May
Commonwealth Bank0.25% increase effective 20th May
Connective AdvancePending
Connective AffinityPending
Connective EssentialsPending
Connective SelectPending
Connective SolutionsPending
Firstmac0.25% increase effective 18th May
Heritage BankPending
ING0.25% increase effective 10th May
Keystart Home Loans0.22% increase effective 20th May
La Trobe FinancialPending
Macquarie Bank0.25% increase effective 17th May
ME Bank0.25% increase effective 13th May
MyState BankPending
NAB0.25% increase effective 17th May
P & N Bank0.15% (Simple and & products) and 0.25% all other increase effective 13th May
St George0.25% increase effective 17th May
Suncorp0.25% increase effective 18th May
Teachers Mutual BankPending
Virgin Money0.25% increase effective 13th May
Westpac0.25% increase effective 17th May

Need some help?

If you’d like some assistance then we are happy to review your current position and give you some options. To get in touch you can call the office on 08 9304 9682 or email admin@foxmortgages.com.au

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